Unexplained cash credit to be added in entirety and not only the profit element embedded in it: HC

IT: When unexplained cash credit had been added to income, contention of assessee that necessary expenditure should be deducted and profit alone could be taken as income could not be accepted

Preliminary expenses and depreciation on leased assets allowed on principle of consistency with earl

IT : Where assessee's claim for preliminary expenses had been allowed in earlier years, in absence of any change in circumstances, following principle of consistency, said claim was to be allowed in relevant year as well

CIT(A) rightly estimated income on avg. GP rate as accounts were rejected due to non-availability of

IT : Whether assessee carrying on business of liquor had not maintained sale vouchers, rejection of assessee's account books and trading results by invoking provisions of section 145(3) was justified and Commissioner (Appeals) had rightly applied average gross profit rate in instant case

Place of removal is port of shipment in case of export of goods; services availed upto port are inpu

Service Tax : In case of export of final product, place of removal would be port of shipment and not factory gate and therefore, manufacturer would be entitled to credit of input services availed upto such 'port of shipment'

Income arising from sale of trees that were cut legally to get hindrance free cultivation was capita

IT: Where trees were not of spontaneous growth and same could not be regenerated and gave benefit to assessee in near future, income earned out of sale of such trees could not be chargeable to tax in hands of assessee and was to be treated as capital receipts

Block assessment order quashed as sec. 143(2) notice wasn't issued within stipulated time after fili

IT: Where Assessing Officer passed block assessment order under section 153BC on assessee and Commissioner (Appeals) having found that notice under section 143(2) had not been issued on assessee within a year of filing of block return cancelled block assessment order, Tribunal was justified in confirming decision of Commissioner (Appeals)

HC admits writ against stay order to Tribunal as it was passed without hearing to assessee

Excise & Customs : Normally, assessee has to be file statutory appeal against stay order passed by Tribunal; however, where order of Tribunal is passed without having heard assessee and also without considering his grave financial difficulties/hardship, writ petition is maintainable thereagainst

CCI orders investigation against Ericsson as it was charging excessive license fee for 2G, 3G and 4G

Competition Law : Ericsson holding Standard Essential Patents for mobile communications like 2G, 3G & 4G patents used for smart phones enjoyed dominant position in relevant market

No TP adjustment to challenge prudence of royalty payments to AE if made at lesser rate than of comp

IT/ILT : Where assessee paid royalty at rate of 4 per cent on sales to its AE located abroad for use of its trade mark, in view of fact that said rate was as per RBI formula and lesser than average royalty rate for comparable marketing know-how, TPO could not make adjustment to assessee's ALP taking a view that payment of royalty was unnecessary as products sold by assessee had already acquired a reputation of quality before conclusion of royalty agreement